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Chow Tai Fook Enterprises said Monday that it agreed to acquire the long-delayed Baha Mar resort project in the Bahamas, and said the first phase would open in April.
Hong Kong-based Chow Tai Fook will acquire Baha Mar from Perfect Luck Assets, an affiliate of Export-Import Bank of China, the project’s primary lender. Perfect Luck took over ownership after Baha Mar fell into receivership.
Chow Tai Fook said Baha Mar’s casino hotel, casino, convention center and golf course would open in April. The company added that it was in talks with Hyatt, SBE (parent of the SLS Hotels brand) and Rosewood for the operation and branding of the Baha Mar’s hotels. Chow Tai Fook is parent of Rosewood Hotels & Resorts.
In September, Joy Jibrilu, director general of the Bahamas Ministry of Tourism, said SBE and Hyatt had recommitted to Baha Mar.
Chow Tai Fook said it would spend $200 million in pre-opening activities as well as the redevelopment of the shuttered Crystal Palace casino hotel site.
In addition to hospitality holdings, Chow Tai Fook owns businesses in real estate, transportation and jewelry retail. The company’s investments include the $10 billion Greenwich Peninsula project in London and the $2.3 billion Queen’s Wharf Brisbane resort project in Australia.
Chow Tai Fook’s announcement follows up remarks earlier this month from Bahamas Prime Minister Perry Christie, who said Baha Mar’s first phase would open in the second quarter of 2017 and added that the project would be completed by the end of next year.
Hyatt spokeswoman Carla Santiago confirmed to Travel Weekly last week that the hotel operator was in “final discussions” to operate the casino and convention hotels.
Sourse: travelweekly.com
